Political Quotes

“Mr. Speaker, I thank my friend from Virginia (Mr. Hurt) for working with me on this bill. Mr. Speaker, the amendment that I am proposing addresses two of the concerns that have been most prominently expressed by Democrats and advocates, including the two major objections that the administration's statement, which opposed this bill before the amendment, highlighted. I hope this will lead most of the Caucus to join me in voting for this bipartisan bill after my amendment addresses the chief concerns voiced by my colleagues. First, the amendment will address concerns over transparency into the fund's policies. It will continue current law that the adviser is required to deliver a brochure to the client with information about fees and brokerage services and, in turn, deliver that information to the SEC. Second, my amendment will address concerns over investor confidence that the funds hold the assets that they say they do. It removes a provision that would have provided a narrow exemption from the annual audit or surprise inspection requirements for some funds; so they will now, with this amendment, continue to be fully subject to annual audits and surprise inspections. My amendment will ensure that the funds continue to receive a third-party look to confirm the assets it has represented to clients, including that the asset is actually held in the name of the client. These are the two concerns most prominently expressed, but I know there are others.…”